Kiobrina® clinical phase II results trigger milestone payment from Swedish Orphan Biovitrum
Pursuant to the share transfer agreement entered into by Swedish Orphan Biovitrum in August 2005 in connection with the acquisition of Arexis AB (“Arexis”), the vendors of Arexis are entitled to milestone payments, in cash and by issuance of shares, upon achievement of certain milestones related to Swedish Orphan Biovitrum’s Kiobrina project. Positive results from such studies were announced in a press release on April 21, 2010.
In accordance with the terms of the share transfer agreement, and based on the authorization granted by the Annual General Meeting on April 28, 2009, the board of directors of Swedish Orphan Biovitrum has resolved to new issue no more than 282,425 new common shares for payment by set off of claims of in total SEK 12,353,269.50 which may increase the company’s share capital by no more than SEK 154,966. With deviation from the shareholders’ preferential right, the issue serves as milestone payment to certain vendors of Arexis. The subscription price amounts to SEK 43,74, which equals the average share price for the last four trading days preceding the board’s decision.
About Swedish Orphan Biovitrum
On January 14, 2010, Biovitrum AB (publ) completed the acquisition of Swedish Orphan International Holding AB and created Swedish Orphan Biovitrum - a leading company focused on treatment of rare diseases.
Swedish Orphan Biovitrum is a Swedish based specialty pharmaceutical company with an international market presence. The company is focused on providing and developing orphan and niche specialist pharmaceuticals to patients with high medical needs. The portfolio consists of about 60 marketed products and an emerging late stage clinical development pipeline within rare diseases. Swedish Orphan Biovitrum has pro-forma revenues 2009e of about 2 BSEK and approximately 500 employees. The head office is located in Sweden and the share (STO: BVT) is listed on NASDAQ OMX Stockholm. For more information please visit www.biovitrum.com.
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